Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 62 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 2.5 to 0.2.
Financials
Financial year 2025
SPAH from Sint-Martens-Latem, company number BE0878965203, closed financial year 2025 with a result of € 23,588 after tax. For that financial year SPAH recorded a gross margin of € 531,703 and equity of € 357,928. Compared with financial year 2023, the result moved from € 66,663 to € 23,588. The company is profitable. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on November 28, 2025.
€ 357,928
▲ 167% vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 23,588
▼ 65% vs 2023
Profit after tax over the fiscal year.
€ 19,265
▼ 83% vs 2023
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 336,869.
People and assets in 2025
0.2
▼ 0.8 vs 2023
Average over the fiscal year, from the social balance sheet.
€ 2,064
▼ 96% vs 2023
Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
Debts at end 2025
€ 2.5 million
▲ € 2.2 million vs 2023
€ 529,658 is repaid this year. At this pace the long-term loan is gone in ≈ 5 years.
€ 291,396
▼ 27% vs 2023
Supplier invoices still open on the last day of the fiscal year.
€ 66,907
▲ € 61,425 vs 2023
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
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| 2022 | 2023 | 2025 | Change 2023 → 2025 | |
|---|---|---|---|---|
| Gross margin | € 67,758 | € 154,723 | € 531,703 | ▲ 244% |
| Profit after taxes | € 34,936 | € 66,663 | € 23,588 | ▼ 65% |
| Equity | € 67,543 | € 134,207 | € 357,928 | ▲ 167% |
| Total debts | € 1,080,959 | € 702,103 | € 2,830,261 | ▲ € 2.1 million |
| Cash | € 91,770 | € 115,728 | € 19,265 | ▼ 83% |
| Land & buildings | - | - | € 538,860 | |
| Retained profit | € 65,034 | € 131,698 | € 336,869 | ▲ 156% |
| Bank debt | € 347,249 | € 281,535 | € 2,463,630 | ▲ € 2.2 million |
| Balance sheet total | € 1,148,502 | € 836,309 | € 3,188,189 | ▲ 281% |
| Employees (FTE) | 2.5 | 1 | 0.2 | ▼ 0.8 |
Key figures of SPAH, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 October 2026.
What happened to SPAH?
What happened at SPAH in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 23,588 (▼ 65% vs 2023). filed late Source: NBB ↗
- Hendrik Vermeire became a director. NBB
- Arne Notebaert became a director. NBB
- New establishment in Sint-Martens-Latem. KBO
- Start of the company according to the CBE. KBO
In short
From € 34,936 profit in 2022 to € 23,588 profit in 2025.
Paid € 38,671 in corporate taxes since 2022.
Best year ever: 2023, with € 66,663 profit.
On average € 154,700 of value added per employee in 2023.
A new publication or filing at SPAH? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Behind SPAH are Hendrik Vermeire and Arne Notebaert. The same people are also behind Nexus Consulting and POWERBLOX. Arne Notebaert is also behind KWADRANT.
Directors
According to the 2025 annual accounts
since 2024
since 2016
Establishments
Establishment units
Physical locations of this company
Burggraaf H. de Spoelberchdreef 6
9831 Sint-Martens-Latem
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 2 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0878.965.203
- VAT number
- BE 0878.965.203
- Registered office
- Burggraaf H. de Spoelberchdreef 6, 9831 Sint-Martens-Latem
- Names & denominations
- SPAH
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 27 January 2006
- Peppol
- Active · Active since 2 Oct 2025
- Activities · NACE
Ontwikkeling van residentiële bouwprojecten
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Organisatie van congressen en beurzen
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